Consumer sentiment getting near levels before recession

A gauge of consumer sentiment likely slightly rose this month, buoyed by a strengthening labor market, according to forecasts for data to be released Friday morning.

Economists polled by MarketWatch expect the preliminary July reading for the consumer-sentiment gauge from the University of Michigan and Thomson Reuters to rise to 83 from a final June level of 82.5. For context, the index averaged 86.9 over the year leading up the recession.

At 10 a.m. Eastern, the Conference Board will report on its leading-economic index for June, and economists polled by Dow Jones Newswires expect the gauge to post another gain, signaling that the economy will continue to expand. For May the LEI rose 0.5%, pointing to a pick up in growth.